I bought my first house at the age 24, and their is so much that learned from this experience. Starting with a house is not an investment and most of the people that tell you it’s an investment are poor; pause and think about that for a second.

Who tells you that a house a no brainer investment, is the person with a million dollar NetWorth or is the person with a $4 NetWorth and a half a million dollar mortgage.

In this video I’m going to tell you the truth, the ugly and the pretty but the truth.

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It’s all hype ( it’s not an investments )

people think that because real estate appreciate by 3-5% annually over the last few decades that you are making a great investment

And that because they hear about people who bought a home for $1 and sold it for 1m that that’s going to happen to them also

But no one talks about the phantom cost of owning a home

So let’s talk about it

you buy a home and you pay interest, taxes, insurance, pmi and repairs/maintenance and upgrades

I want you to consider this, you buy a home for 200k and it cost up by 5% that’s 10k a year

How much are you paying for all those other things I just mentioned ( the point is, most people what really happens is they break even )

So what’s the benefit

first it lowers your cost of living

Gives you financially stability

Allows you to keep investing

It keeps you stuck

I bought this home and my rich uncle told me, in a few years you’ll be trying to sell it

And I said no way

Today I’m thinking about selling it

Here some advice:

a house cannot be moved from one place to the next; unless you have one those trailer or portable homes things

So it makes it so you can’t really have that much freedom

You can always break a lease but try breaking a mortgage

So if you don’t plan on having the home for 3-5 years

just rent and keep your flexibility, cash and freedom

Everting and I mean everything waiting to break

the poop stuff

The shower stuff

The water stuff

Specially the ac stuff

Everything is waiting to break and you have to pay for it

I use to complain about rent contracts

if something breaks I have to cover 250 bucks or whatever it was

But that’s a lot better than buying the equipments and having to repair it on my own

So remember it cost money to own a home

Advice:

have a budget for maintenance set aside because eventually you’ll need it

Don’t fall in love with the property

I did to many things to that property

I made it to pretty and to nice

I should have kept it all someone and vanilla

That would have saved me a lot of money but you live and you learn

Remember:

when they come to appraise your home

Your marbel floors and marble countertops with not be a dollar for dollar return

It’s mostly location that matter than comparables

The biggest lessons of them all is this

it’s still better to put your money into an asset like a house than any liability out their

Although I probably should of just kept renting for 5 more years

I do still have my money secured and when the times comes, I’ll be selling

Ps. And I’m the meantime, I’ll enjoy it

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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